Granite Construction Incorporated (NYSE:GVA) CEO Sells $248,480.00 in Stock

Granite Construction Incorporated (NYSE:GVAGet Rating) CEO Kyle T. Larkin sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $31.06, for a total value of $248,480.00. Following the completion of the sale, the chief executive officer now directly owns 69,294 shares in the company, valued at approximately $2,152,271.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

NYSE:GVA opened at $31.43 on Friday. The company has a fifty day simple moving average of $31.55 and a two-hundred day simple moving average of $35.88. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 24.18 and a beta of 1.40. The company has a quick ratio of 1.62, a current ratio of 1.70 and a debt-to-equity ratio of 0.30. Granite Construction Incorporated has a 52 week low of $27.84 and a 52 week high of $44.31.

Granite Construction (NYSE:GVAGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The construction company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.02. Granite Construction had a net margin of 1.95% and a return on equity of 7.51%. During the same period in the prior year, the business earned ($0.11) earnings per share. On average, analysts expect that Granite Construction Incorporated will post 2.11 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, March 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.65%. Granite Construction’s payout ratio is currently 40.00%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Granite Construction by 3.1% in the fourth quarter. BlackRock Inc. now owns 7,493,791 shares of the construction company’s stock valued at $290,009,000 after acquiring an additional 224,457 shares in the last quarter. State Street Corp boosted its stake in Granite Construction by 3.4% in the fourth quarter. State Street Corp now owns 1,604,461 shares of the construction company’s stock valued at $62,300,000 after acquiring an additional 52,392 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Granite Construction by 51.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,096,071 shares of the construction company’s stock valued at $42,418,000 after buying an additional 370,286 shares during the last quarter. William Blair Investment Management LLC raised its holdings in shares of Granite Construction by 47,725.0% in the third quarter. William Blair Investment Management LLC now owns 997,152 shares of the construction company’s stock valued at $39,437,000 after buying an additional 995,067 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Granite Construction by 1.8% in the third quarter. Geode Capital Management LLC now owns 775,286 shares of the construction company’s stock valued at $30,662,000 after buying an additional 13,548 shares during the last quarter. Institutional investors own 96.64% of the company’s stock.

A number of brokerages have issued reports on GVA. Zacks Investment Research raised Granite Construction from a “sell” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Wednesday. StockNews.com initiated coverage on shares of Granite Construction in a research note on Thursday, March 31st. They issued a “hold” rating for the company.

Granite Construction Company Profile (Get Rating)

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. It operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public.

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